As an elder law attorney, I advise my clients about the wisdom of planning for their post-retirement years.

A recent study by Genworth Financial underlines the wisdom of that strategy.

Their research tags the cost of a private nursing home room at almost $100,000. That’s an increase of 1.2 percent from 2015 and close to 19 percent since 2011.

In a New York Times article, Joe Caldwell of the National Council on Aging observes that “It’s really becoming more and more difficult for the average family … to even purchase long-term care insurance.”

The story also assesses the situation for those without coverage. Many will have to spend down their assets until they qualify for Medicaid benefits.

At Generation Law we provide advice about how to protect your assets from Medicaid. But the reality is that such strategies are the ones you pursue only if you haven’t properly saved for your retirement years.

I could provide more of the grim details from the story but the takeaway for me is that preparing for your retirement years is more critical than ever. Don’t put yourself or your children in a situation where you’re scrambling to find ways to afford care or a living space late in life.

Start now, no matter how old you are. Preparing ahead of time is always the best strategy. Because as you’re reminded every time someone wishes you a happy birthday, you’re not getting any younger!